SJF Bank (SJF) Q1 2025 earnings summary

Executive summary

• Pre-tax profit rose 2% year-over-year to DKK 230.0 million, with after-tax profit up 3% to DKK 181.1 million and a return on equity of 15.1%.

• Business volume increased 4% year-over-year, reaching DKK 110.3 billion, mainly driven by the corporate segment.

• Net interest income declined 4% to DKK 228.5 million due to lower interest rates, while net fee and commission income grew 3% to DKK 169.2 million.

• Operating expenses rose 7% year-over-year, resulting in a cost/income ratio of 54.5%.

• The company maintains its 2025 pre-tax profit guidance at DKK 625–750 million, citing strong Q1 and ongoing macroeconomic uncertainties.

Financial highlights

• Net interest income: DKK 228.5 million (down 4% year-over-year).

• Net fee and commission income: DKK 169.2 million (up 3% year-over-year).

• Pre-tax profit: DKK 230.0 million (up 2% year-over-year).

• After-tax profit: DKK 181.1 million (up 3% year-over-year).

• Total lending: DKK 13.1 billion (up 2% year-over-year); deposits: DKK 22.3 billion (up 6%).

Outlook and guidance

• Strategic goal to reduce cost/income ratio below 50% by 2026; current ratio is 54.5%.

• Targeting average return on equity above 10% through 2025; Q1 2025 achieved 15.1%.

• Aiming for annual business volume growth of 4–8%; Q1 2025 achieved 4%.

• Minimum capital ratio target of 20%; Q1 2025 at 23.1%.

• Management expects continued business growth, especially in the corporate and mortgage segments.